Real estate inclusion refers to the practice of ensuring that all individuals have equal access to housing and property ownership, regardless of their socio-economic background, race, ethnicity, or other factors. In Nigeria, real estate inclusion is an important issue because it is essential to promote economic growth and development while reducing social inequality.
There are several reasons why real estate inclusion will grow the real estate industry in Nigeria. Firstly, it will expand the market for real estate products and services. By ensuring that everyone has access to affordable housing, more people will be able to invest in real estate and stimulate demand for properties. This, in turn, will encourage real estate developers to increase their investments in the sector, thereby promoting its growth.
Secondly, real estate inclusion will promote economic growth and development. When more people have access to affordable housing, they can use their resources for other productive purposes, such as starting a business, saving for their children’s education, or investing in other sectors of the economy. This will create a ripple effect, as increased economic activity in other sectors will also benefit the real estate industry.
Thirdly, real estate inclusion will reduce social inequality. In Nigeria, a significant percentage of the population lives in poverty, and access to affordable housing is often limited to a small segment of the population. By promoting real estate inclusion, the government and other stakeholders can help to bridge this gap and ensure that more people can benefit from the economic opportunities provided by the real estate industry.
In addition to the economic benefits, real estate inclusion also has social and environmental benefits. For instance, it can promote social cohesion by bringing people from different backgrounds together in the same neighborhoods. It can also promote environmental sustainability by encouraging the development of green buildings and other environmentally friendly real estate products.
However, to achieve real estate inclusion in Nigeria, several challenges must be overcome. These challenges include inadequate infrastructure, limited access to financing, inadequate land-use planning and regulation, and corruption. Addressing these challenges will require the cooperation and collaboration of all stakeholders, including the government, private sector, and civil society organizations.
In conclusion, real estate inclusion is essential for promoting economic growth and development while reducing social inequality in Nigeria. By expanding access to affordable housing, real estate inclusion will stimulate demand for real estate products and services, promote economic activity, and reduce social inequality. However, to achieve real estate inclusion, all stakeholders must work together to address the challenges that currently limit access to affordable housing in Nigeria.